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A chain of mishaps meant a tough year for insurance companies but, if it weren't for other financial services offsetting at least some of the big losses, it could have been much worse. AMP, QBE and Colonial all faced different challenges and - if we ignore AMP's GIO losses - turned in fair results. The star performer was Colonial, which had a bumper year, with signs that the group's strategy of becoming a one-stop financial services shop is now paying off.

At the other end of the scale, the smaller QBE showed the benefits of being nimble in a difficult market. AMP, meanwhile, would like...

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